2026-05-13T14:07:08+00:00 2025-12-31 135381590 BDO USA 8401 GREENSBORO DR STE 800 MCLEAN VA 221023599 990 2025-01-01 237211935 Financial Accounting Foundation FINA 2038470700 801 Main Avenue Norwalk CT 068511127 Erin Hill EXECUTIVE DIRECTOR 2038470700 2026-05-13 false TODD TERESCO P00247720 7038930600 2026-05-13 2025 2025-03-06 01:10:19Z ERIN HILL 801 Main Avenue Norwalk CT 068511127 74918586 false X ACCOUNTINGFOUNDATION.ORG,FASB.ORG,GASB.ORG X 1972 DE THE MISSION OF THE FINANCIAL ACCOUNTING FOUNDATION (FAF) IS TO ESTABLISH AND IMPROVE FINANCIAL ACCOUNTING AND REPORTING STANDARDS, TO PROVIDE USEFUL INFORMATION TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS AND TO EDUCATE STAKEHOLDERS ON HOW TO MOST EFFECTIVELY UNDERSTAND AND IMPLEMENT THOSE STANDARDS. THE FAF, ORGANIZED IN 1972, IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION RESPONSIBLE FOR THE OVERSIGHT, ADMINISTRATION, FINANCING AND APPOINTMENT OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) AND THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB), WHICH WERE ESTABLISHED TO PERFORM DISTINCT FUNCTIONS IN THE PROCESS OF ESTABLISHING AND IMPROVING FINANCIAL ACCOUNTING AND REPORTING STANDARDS. 17 17 181 175 0 0 0 0 0 3788063 4182468 82281451 70736118 86069514 74918586 0 14000 0 0 50841123 52942875 0 0 22297957 22036653 73139080 74993528 12930434 -74942 161078997 162653727 39641440 38047202 121437557 124606525 Establish and improve high-quality financial accounting and reporting standards that provide information useful in decision making to investors and other users of financial reports and improving all stakeholders' understanding of those standards and preparers' ability to implement them effectively. false false 38275632 14000 32828729 FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) AND FINANCIAL ACCOUNTING STANDARDS ADVISORY COUNCIL (FASAC): ESTABLISHED IN 1973, THE FASB IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION, BASED IN NORWALK, CONNECTICUT, THAT ESTABLISHES FINANCIAL ACCOUNTING AND REPORTING STANDARDS FOR PUBLIC AND PRIVATE COMPANIES AND NOT-FOR-PROFIT ORGANIZATIONS THAT FOLLOW GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). THE FASB IS RECOGNIZED BY THE SECURITIES AND EXCHANGE COMMISSION AS THE DESIGNATED ACCOUNTING STANDARD SETTER FOR PUBLIC COMPANIES. FASB STANDARDS ARE RECOGNIZED AS AUTHORITATIVE BY MANY OTHER ORGANIZATIONS, INCLUDING STATE BOARDS OF ACCOUNTANCY AND THE AMERICAN INSTITUTE OF CPAS (AICPA). THE FASB ESTABLISHES AND IMPROVES STANDARDS OF FINANCIAL ACCOUNTING AND REPORTING THAT FOSTER FINANCIAL REPORTING FOR NONGOVERNMENTAL ENTITIES THAT PROVIDES DECISION-USEFUL INFORMATION TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS. THE FINANCIAL ACCOUNTING FOUNDATION (FAF) SUPPORTS AND OVERSEES THE FASB. THE FOLLOWING ARE SOME SPECIFIC ACCOMPLISHMENTS AND INITIATIVES IN 2025 RELATED TO SPECIFIC AGENDA ITEMS AND IMPROVING GAAP IN GENERAL. HOWEVER, FOR A COMPLETE AND DETAILED PICTURE OF THE WORK OF THE FASB, INCLUDING CURRENT AND COMPLETED PROJECTS, EXPECTED TIMING, AND OTHER INFORMATION, PLEASE VISIT FASB.ORG. IN ADDITION, THE FAF ANNUAL REPORT PROVIDES A HIGHLIGHT OF FASB'S 2025 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. THE FASB COMPLETED A VARIETY OF PROJECTS TO IMPROVE THE DECISION-USEFULNESS OF INFORMATION PROVIDED TO INVESTORS AND OTHER USERS OF FINANCIAL REPORTS, ISSUING TWELVE FINAL ACCOUNTING STANDARDS UPDATES (ASU) AND THREE PROPOSED ASUS, THE FASB STAFF ISSUED INVITATIONS TO COMMENT TO SOLICIT INPUT FROM STAKEHOLDERS ON THE AGENDA CONSULTATION. THE PRIVATE COMPANY COUNCIL (PCC) CONTINUES ITS WORK WITH IMPROVEMENTS THAT ADDRESS THE NEEDS OF USERS OF PRIVATE COMPANY FINANCIAL STATEMENTS AND ADVISED THE FASB DURING 2025 ON A NUMBER OF ASUS AND PROPOSED ASUS. THE FASB CONTINUED WITH THE DEVELOPMENT OF THE GAAP FINANCIAL REPORTING TAXONOMY (TAXONOMY) FOR EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL). THE FASB CONDUCTED EXTENSIVE OUTREACH AND OTHER COMMUNICATIONS WITH STAKEHOLDERS, INCLUDING NUMEROUS MEETINGS WITH USERS, PREPARERS, LIAISON GROUPS, AUDITORS, AND OTHER STAKEHOLDERS. OUTREACH ACTIVITIES ALSO INCLUDED VARIOUS COMMUNICATIONS AND OTHER ACTIVITIES INCLUDING: FASB MEMBERS AND STAFF DELIVERED SPEECHES AT 135 DIFFERENT EVENTS DURING THE YEAR; 55 PRESS RELEASES, MEDIA ADVISORIES, AND MEETING RECAPS WERE ISSUED ON A VARIETY OF FASB STANDARD SETTING ACTIVITIES, WITH ACCOMPANYING SOCIAL MEDIA; 11 EDUCATIONAL WEBCASTS AND VIDEOS WERE PROVIDED, AND 22 MEETINGS WERE HELD WITH NATIONAL AND INTERNATIONAL STANDARD SETTERS. THE FASAC, WHICH COMPRISES 36 VOLUNTEER MEMBERS (WITH THE EXCEPTION OF ITS CHAIR, WHO IS COMPENSATED) REPRESENTING A BROAD CROSS-SECTION OF THE FASB'S STAKEHOLDERS, MET FOUR TIMES IN 2025. THE PRIMARY FUNCTION OF FASAC IS TO ADVISE THE FASB ON ISSUES RELATED TO PROJECTS ON THE FASB'S AGENDA, POSSIBLE NEW AGENDA ITEMS, PROJECT PRIORITIES, PROCEDURAL MATTERS THAT MAY REQUIRE THE ATTENTION OF THE FASB, AND OTHER MATTERS AS REQUESTED. FASB'S OTHER ADVISORY GROUPS, INCLUDING THE INVESTOR ADVISORY COMMITTEE, THE NOT-FOR-PROFIT ADVISORY COMMITTEE, THE SMALL BUSINESS ADVISORY COMMITTEE, AND THE EMERGING ISSUES TASK FORCE ALL HELD MEETINGS IN 2025 TO SUPPORT THE EFFORTS OF THE FASB. 12416478 17298100 GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL (GASAC) ESTABLISHED IN 1984, THE GASB IS THE INDEPENDENT, PRIVATE-SECTOR ORGANIZATION, BASED IN NORWALK, CONNECTICUT, THAT ESTABLISHES FINANCIAL ACCOUNTING AND REPORTING STANDARDS FOR U.S. STATE AND LOCAL GOVERNMENTS THAT FOLLOW GAAP. THESE STANDARDS ARE RECOGNIZED AS AUTHORITATIVE BY STATE AND LOCAL GOVERNMENTS; STATE BOARDS OF ACCOUNTANCY; AND THE AMERICAN INSTITUTE OF CPAS (AICPA). THE GASB DEVELOPS AND ISSUES FINANCIAL ACCOUNTING STANDARDS THROUGH A TRANSPARENT AND INCLUSIVE PROCESS INTENDED TO PROMOTE FINANCIAL REPORTING THAT PROVIDES USEFUL INFORMATION TO TAXPAYERS, PUBLIC OFFICIALS, INVESTORS, AND OTHERS WHO USE FINANCIAL REPORTS. THE FINANCIAL ACCOUNTING FOUNDATION (FAF) SUPPORTS AND OVERSEES THE GASB. WHETHER SETTING NEW STANDARDS, IMPROVING EXISTING ONES, OR HELPING CONSTITUENTS TO IMPLEMENT AND UNDERSTAND THOSE STANDARDS, GASB'S AIM IS TO PROMOTE GREATER TRANSPARENCY, TO SUPPORT WELL-INFORMED DECISION MAKING, AND TO HELP USERS ASSESS A GOVERNMENT'S FINANCIAL ACCOUNTABILITY. FOR A COMPLETE AND DETAILED PICTURE OF THE WORK OF THE GASB, CURRENT AND COMPLETED PROJECTS, TIMETABLES AND OTHER INFORMATION, PLEASE VISIT GASB.ORG. IN ADDITION, THE FAF ANNUAL REPORT PROVIDES A DETAILED TIMETABLE OF GASB'S 2025 ACCOMPLISHMENTS AND CAN BE FOUND AT ACCOUNTINGFOUNDATION.ORG. BELOW ARE SOME OF THE KEY HIGHLIGHTS IN 2025. IN 2025, GASB ISSUED ONE FINAL STATEMENTS (Statement No. 105, Subsequent Events) which was developed to improve the description and requirements of subsequent events so the standard can be more consistently applied. WHILE THE MAJORITY OF ITS TIME IS DEVOTED TO DEVELOPING ACCOUNTING AND FINANCIAL REPORTING STANDARDS, THE GASB STAFF ALSO HELPS STAKEHOLDERS UNDERSTAND AND IMPLEMENT STANDARDS BY PROVIDING THEM WITH DIRECT ASSISTANCE ADDRESSING THEIR SPECIFIC FACTS AND CIRCUMSTANCES. OUTREACH AND OTHER STAKEHOLDER COMMUNICATIONS CONTINUED TO BE EXTENSIVE WITH NUMEROUS MEETINGS WITH LIAISON GROUPS AND INTERACTIONS WITH REPRESENTATIVES OF GASB'S THREE PRIMARY STAKEHOLDER GROUPS (USERS, PREPARERS, AND AUDITORS). GASB MEMBERS AND STAFF DELIVERED SPEECHES AT 92 DIFFERENT CONFERENCES DURING THE YEAR. THE GASB ISSUED 15 MEDIA ADVISORIES DURING THE YEAR. IN ADDITION, TWEETS WERE SENT ON A VARIETY OF GASB STANDARD SETTING ACTIVITIES AND THE GASB OFFERED 13 EDUCATIONAL WEBCASTS AND VIDEOS. THE THIRTY-ONE MEMBER GASAC IS AN ORGANIZATION OF KNOWLEDGEABLE AND EXPERIENCED PROFESSIONALS REPRESENTING THE GASB'S VARIED STAKEHOLDERS WHO VOLUNTEER THEIR SERVICES TO WORK WITH THE GASB IN AN ADVISORY CAPACITY TO ENHANCE THE STANDARD SETTING PROCESS BY CONSULTING WITH THE GASB ON TECHNICAL ISSUES, PROJECT PRIORITIES, AND OTHER MATTERS LIKELY TO CONCERN THE GASB. IN 2025, THE GASAC HELD THREE MEETINGS. 7845800 20604591 PUBLISHING AND LICENSING REPRESENTS THE DISTINCT ACTIVITIES OF CONTENT OPERATIONS, PRODUCING AND DISTRIBUTING THE FASB AND GASB STANDARD-SETTING MATERIALS. THIS INCLUDES PRODUCING AND DISTRIBUTING INDIVIDUAL EXPOSURE DRAFTS AND FINAL PRONOUNCEMENTS, UPDATES TO THE FASB CODIFICATION, AND GASB GOVERNMENTAL ACCOUNTING RESEARCH SYSTEM (GARS), AS WELL AS MANAGING THE PLATFORMS, INFORMATION ARCHITECTURE, PROCESSES, AND TOOLS SUPPORTING CONTENT OPERATIONS. THE FAF LICENSES THE CONTENT OF THE FASB ACCOUNTING STANDARDS CODIFICATION (FASB CODIFICATION) AND GASB MATERIALS TO COMMERCIAL PUBLISHERS AND OTHERS FOR SPECIFIC USES. 58537910 true false false true false false false false false false true false false true true true true false false false true false false false false false false false true true false false false false false false false false false false false false false false false false false false false false true 100 0 true 181 true false false false false false false false false false false true false X 17 17 false false false false false false false true true false false false true true true true true true true true false false CT DE DC X PETER SPENCER 2038470700 801 MAIN AVENUE NORWALK CT 068511127 Edward C Bernard Chair 15.0 0.0 X X 210000 0 0 Manju Ganeriwala Trustee, Sec & Treasurer 4.0 0.0 X X 112000 0 0 Timothy L Christen Vice Chair 4.0 0.0 X X 112000 0 0 Diane C Nordin Trustee 3.0 0.0 X 90000 0 0 Edward J Goldthorpe Trustee 3.0 0.0 X 90000 0 0 Elizabeth A Pearce Trustee 3.0 0.0 X 90000 0 0 Luis A Aguilar Trustee (AS OF 01/25) 3.0 0.0 X 90000 0 0 Lynette Kelly Trustee 5.0 0.0 X 122000 0 0 Marion M Gee Trustee 3.0 0.0 X 90000 0 0 Michael B Clement Trustee 3.0 0.0 X 90000 0 0 Paul A Quinsee Trustee (AS OF 01/25) 3.0 0.0 X 90000 0 0 Pratt Bhatt Trustee (AS OF 01/25) 3.0 0.0 X 90000 0 0 Richard N Reisig Trustee 4.0 0.0 X 112000 0 0 Robin L Washington Trustee 3.0 0.0 X 22500 0 0 Sarah E Smith Trustee 4.0 0.0 X 112000 0 0 W Bryan Lewis Trustee 3.0 0.0 X 90000 0 0 Erin Hill Executive Director (AS OF 10/1/25) 40.0 0.0 X 166467 0 24670 John W Auchincloss Executive Director (THRU 09/30/25) 40.0 0.0 X 796972 0 75335 Mary P Crotty VP/Chief Operating Officer 40.0 0.0 X 630310 0 77487 Steven A Hobbs VP/General Counsel 40.0 0.0 X 567650 0 75487 Hillary H Salo Vice Chair FASB 40.0 0.0 X 1190290 0 67409 Joel Black Chair, GASB 40.0 0.0 X 847042 0 78523 Richard R Jones Chair, FASB 40.0 0.0 X 1395371 0 83905 Christine Ann Botosan FASB Member 40.0 0.0 X 1084241 0 86004 Frederick L Cannon FASB Member 40.0 0.0 X 1093410 0 80676 Joyce T Joseph FASB Member 40.0 0.0 X 1084808 0 72686 Marsha L Hunt FASB Member 40.0 0.0 X 1085797 0 59523 Susan M Cosper FASB Member 40.0 0.0 X 1069720 0 71186 12624578 0 852891 120 false true false Deloitte Consulting 1919 N Lynn Street Arlington VA 22209 IT Consultant 2233271 SSI (US) Inc PO Box 98991 Chicagi IL 60693 HR Recruiting 1032958 SDL 201 Edgewater Drive Suite 225 Wakefield MA 01880 IT Hosting 953679 Innovative Services Technology Management Services 1341 Moreland Avenue Atlanta GA 30316 Administrative Support 527422 Coretelligent LLC 197 First Avenue Suite 360 Needham MA 02494 IT Support 426105 21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4182468 0 0 4182468 0 0 0 0 4698 0 0 4698 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Accounting Support Fees 900099 50126829 50126829 0 0 License Fees 900099 20604591 20604591 0 0 0 0 0 0 0 0 0 0 70731420 74918586 70731420 0 4187166 0 0 14000 14000 0 0 0 0 7675196 3839488 3835708 0 0 0 0 0 36392520 31061374 5331146 0 3563683 3056265 507418 0 3294572 2770146 524426 0 2016904 1631359 385545 0 0 0 0 0 172576 0 172576 0 184468 0 184468 0 360000 360000 0 0 0 0 0 0 0 0 3368206 1994495 1373711 0 0 0 0 0 936930 53784 883146 0 4422165 3911922 510243 0 0 0 0 0 2549041 1831127 717914 0 534839 421347 113492 0 0 0 0 0 498814 343724 155090 0 0 0 0 0 0 0 0 0 7412252 6176287 1235965 0 279902 196110 83792 0 Information Services 582110 572778 9332 0 Miscellaneous 291343 107543 183800 0 Billing & Collection 239400 0 239400 0 Relocation & Recruiting 204607 196161 8446 0 0 0 0 0 74993528 58537910 16455618 0 5988254 8380403 2447862 316675 0 0 8757525 5250333 0 0 0 0 0 0 0 0 1165293 2441159 52573001 29501928 28554926 23071073 92216818 99633175 4430525 5340203 0 0 17517794 18220706 161078997 162653727 1737610 1018953 0 0 3532534 2623592 0 0 0 0 0 0 0 0 0 0 34371296 34404657 39641440 38047202 X 121437557 124606525 0 0 0 0 0 0 0 0 121437557 124606525 161078997 162653727 X -74942 758862 0 0 2485048 X false true true false X 42146122 53562888 59693428 61515835 50126829 267045102 0 0 0 0 42146122 53562888 59693428 61515835 50126829 267045102 0 267045102 702084 1016538 2582317 3789401 4187166 12277506 0 0 0 0 0 0 0 0 279322608 99913648 0.95605 0.9663 X 0 0 650000 0 650000 0 74343528 0 74993528 0 1000000 0 250000 0 0 0 0 0 1000000 1000000 1000000 1000000 4000000 6000000 430000 620000 605000 650000 2305000 250000 250000 250000 250000 1000000 1500000 0 0 Schedule C, Part II-A, Line 1b, Column (a) LOBBYING COSTS INCLUDES EXPENSES PAID TO CONSULTANTS AND OTHER COSTS TO REGULARLY MONITOR PROPOSED LEGISLATION AND RULEMAKING THAT MAY DIRECTLY OR INDIRECTLY AFFECT FINANCIAL ACCOUNTING AND REPORTING STANDARDS, AND ENGAGE WITH CONGRESSIONAL MEMBERS AND STAFFS, AND OTHERS WITH RESPECT TO SUCH LEGISLATION AND RULEMAKING. DURING 2025, WE ENGAGED IN LOBBYING EFFORTS WITH RESPECT TO: ISSUES RELATING T0 THE ACCOUTING STANDARD-SETTING PROCESS GENERALLY; ISSUES RELATED TO. H.R. 7900 NATIONAL DEFENSE AUTHORIZATION ACT/FINANCIAL DATA TRANSPARENCY ACT, FY2026 FINANCIAL SERVICES AND GENERAL GOVERNMENT APPROPRIATIONS ACT, AND STREAMLINING PUBLIC ACCOUNTING OVERSIGHT ACT. 0 0 0 0 0 0 0 22243495 4474165 17769330 30329506 25027763 5301743 23071073 Defined Benefits (Prepaid OPEB) 4087663 Operating Lease Right of Use 14133043 18220706 0 Federal Income Taxes 0 Operating Lease Liability 25345704 Accrued 457B Plan Costs 5340203 Accrued Payroll & Related Benefits 3718750 Accrued Pension Costs 0 34404657 X 78371996 758862 209500 2485048 3453410 74918586 0 0 74918586 75203028 209500 0 209500 74993528 0 0 74993528 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE FOUNDATION IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE CODE. MANAGEMENT HAS REVIEWED TAX POSITIONS FOR OPEN TAX YEARS AND DETERMINED THAT A PROVISION FOR UNCERTAIN TAX POSITIONS IS NOT REQUIRED. IN ADDITION, WE HAVE DETERMINED THAT THE FOUNDATION IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAVE NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 PENSION RELATED CHANGES - AMOUNTS REFLECTED AS OTHER CHANGES IN NET ASSETS - 2485048 Europe (Including Iceland and Greenland) 0 0 Program Services ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 104795 North America (Canada & Mexico only) 0 0 Program Services ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 6125 East Asia and the Pacific 0 0 Program Services ATTEND MEETINGS WITH STANDARD SETTERS AND OTHERS ON ISSUES RELATED TO INTERNATIONAL ACCOUNTING STANDARDS 47298 0 0 0 0 0 0 158218 0 158218 false false false false false false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements EAST ASIA AND THE PACIFIC-Cash; EUROPE (INCLUDING ICELAND AND GREENLAND)-Cash; NORTH AMERICA (CANADA & MEXICO ONLY)-Cash true Research Grant 2 14000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds Research proposals are reviewed with initial grant amounts paid upon signing agreement and payments made thereafter based on acceptance of preliminary and final reports from the grant receipient. X X X true true X X X X X false true false false false false false true false Edward C Bernard Chair 210000 0 0 0 0 0 0 0 0 0 210000 0 0 0 John W Auchincloss Executive Director (THRU 09/30/25) 717179 0 0 0 79793 0 46315 0 29020 0 872307 0 0 0 Mary P Crotty VP/Chief Operating Officer 575623 0 3000 0 51687 0 46315 0 31172 0 707797 0 0 0 Steven A Hobbs VP/General Counsel 523069 0 2073 0 42508 0 46315 0 29172 0 643137 0 0 0 Erin Hill Executive Director (AS OF 10/1/25) 165455 0 0 0 1012 0 14221 0 10449 0 191137 0 0 0 Richard R Jones Chair, FASB 1195303 0 0 0 200068 0 42815 0 41090 0 1479276 0 0 0 Hillary H Salo Vice Chair FASB 1061729 0 0 0 128561 0 33015 0 34394 0 1257699 0 0 0 Joel Black Chair, GASB 774000 0 0 0 73042 0 39314 0 39209 0 925565 0 0 0 Frederick L Cannon FASB Member 943716 0 0 0 149694 0 46315 0 34361 0 1174086 0 0 0 Joyce T Joseph FASB Member 950364 0 0 0 134444 0 43514 0 29172 0 1157494 0 0 0 Marsha L Hunt FASB Member 951320 0 0 0 134477 0 44214 0 15309 0 1145320 0 0 0 Susan M Cosper FASB Member 948364 0 0 0 121356 0 40014 0 31172 0 1140906 0 0 0 Christine Ann Botosan FASB Member 948420 0 0 0 135821 0 44914 0 41090 0 1170245 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel UPGRADES TO BUSINESS CLASS, OR THE NEXT HIGHEST LEVEL OF SERVICE IF BUSINESS IS NOT AVAILABLE, ARE ALLOWED FOR SINGLE FLIGHTS IN EXCESS OF FIVE HOURS OR TOTAL SCHEDULED IN -AIR FLIGHT TIME IS IN EXCESS OF EIGHT HOURS. SEVEN FASB and GASB CHAIRS AND MEMBERS WERE REIMBURSED FOR UPGRADES CONSISTENT WITH THIS POLICY AND NONE OF THE AMOUNTS WERE TREATED AS TAXABLE INCOME. Schedule J, Part I, Line 1a Tax indemnification and gross-up payments GROSS-UP PAYMENTS ARE PROVIDED RELATIVE TO CERTAIN RETIREMENT PLAN PAYMENTS. SUCH PAYMENTS ARE TREATED AS TAXABLE COMPENSATION. Schedule J, Part I, Line 1a Health or social club dues or initiation fees ALL EMPLOYEES ARE ELIGIBLE FOR REIMBURSEMENT FOR A PORTION OF HEALTH CLUB DUES AT SELECTED FACILITIES, WHICH ARE INCLUDED AS COMPENSATION. THE ORGANIZATION REIMBURSES FOR FITNESS MEMBERSHIP UP TO AN ANNUAL MAXIMUM, OF WHICH ALL EMPLOYEES ARE ELIGIBLE TO PARTICIPATE. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE FAF PROVIDES ADDITIONAL DEFINED CONTRIBUTIONS TO PARTICIPANTS WHOSE ANNUAL COMPENSATION IS IN EXCESS OF THE IRC COMPENSATION LIMIT, FIRST TO A 457(B) DEFERRED COMPENSATION PLAN, AND IF THAT LIMIT IS REACHED DURING A CALENDAR YEAR, THEN CASH PAYMENTS (INCLUDING TAX GROSS-UPS) ARE MADE TO ELIGIBLE PARTICIPANTS. THE FOLLOWING COVERED INDIVIDUALS PARTICIPATED IN THE FOUNDATION'S OTHER SUPPLEMENTAL PROGRAMS IN 2025 AND RECEIVED AND/OR WERE DEEMED TO HAVE RECEIVED THE FOLLOWING AMOUNTS: RICHARD JONES $189,392, HILLARY SALO $123,581, JOHN AUCHINCLOSS $63,777, STEVEN HOBBS $28,453, MARY CROTTY $37,182, CHRISTINE BOTOSAN $125,505, MARSHA HUNT $124,185, SUSAN COSPER $113,244, JOYCE JOSEPH $124,084, FREDERICK CANNON $133,162, JOEL BLACK $65,757 Schedule J, Part I, Line 7 Non-fixed payments The amounts shown on Part II, Column B (ii) for those employees were paid and awarded based on a special recognition award program approved by the FAF board of trustees Form 990, Part VI, Line 15 a&b THE COMPENSATION COMMITTEE OF THE FAF BOARD OF TRUSTEES, WHICH IS COMPRISED OF INDEPENDENT TRUSTEES, IS RESPONSIBLE FOR REVIEWING THE PERFORMANCE ANNUALLY OF THE EXECUTIVE DIRECTOR AND FASB AND GASB MEMBERS AND FOR MAKING COMPENSATION RECOMMENDATIONS ANNUALLY TO THE FAF BOARD OF TRUSTEES FOR THE FAF EXECUTIVE DIRECTOR, FASB AND GASB MEMBERS, THE FAF CHAIR AND FAF TRUSTEES. ALL VOTES ARE MEMORIALIZED IN MINUTES AND PRESERVED, TOGETHER WITH ALL BACKGROUND DATA AND MATERIALS. THE COMPENSATION COMMITTEE OBTAINS AND RELIES UPON PERIODIC MARKET RESEARCH STUDIES CONDUCTED BY INDEPENDENT COMPENSATION CONSULTANTS AND, IN INTERVENING YEARS, UPDATES TO SUCH STUDIES BASED ON COMPREHENSIVE COMPENSATION COMPARABILITY REPORTS AND PROJECTED MARKET COMPENSATION DATA COLLECTED AND PREPARED BY INDEPENDENT COMPENSATION CONSULTANTS AND THE FAF'S HUMAN RESOURCES DEPARTMENT. THE COMPENSATION COMMITTEE ALSO OVERSEES POLICIES FOR SALARIES AND BENEFITS FOR ALL FAF EMPLOYEES AND MONITORS THEIR IMPLEMENTATION. Form 990, Part VI, Line 11b Review of form 990 by governing body THE AUDIT AND FINANCE COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE FORM 990 PRIOR TO IT BEING FILED. IN ADDITION, A COPY OF THE A FORM 990 IS PROVIDED TO THE FULL BOARD OF TRUSTEES PRIOR TO IT BEING FILED. Form 990, Part VI, Line 12c Conflict of interest policy THE FOUNDATION HAS WRITTEN CONFLICT OF INTEREST POLICIES THAT COVER ALL EMPLOYEES. ALL EMPLOYEES ARE REQUIRED, ON A QUARTERLY BASIS, TO REPORT CERTAIN INTERESTS THAT MIGHT POSE A CONFLICT TO THE FOUNDATION. FAILURE TO COMPLY WITH THE CONFLICT OF INTEREST POLICY CAN RESULT IN SANCTIONS, WHICH MAY INCLUDE TERMINATION. IN ADDITION, THE FOUNDATION ALSO HAS ADOPTED A TRUSTEE CODE OF CONDUCT, WHICH INCLUDES CONFLICT OF INTEREST PROVISIONS, AND REQUIRES EACH TRUSTEE TO CERTIFY COMPLIANCE ANNUALLY. THE FAF ALSO MAINTAINS AN OMBUDS POLICY THAT ENABLES EMPLOYEES AND TRUSTEES TO REPORT VIOLATIONS OF LAW OR FOUNDATION POLICIES, EITHER ON A DISCLOSED OR ON AN ANONYMOUS BASIS. EACH EMPLOYEE, AND EACH TRUSTEE, HAS AN AFFIRMATIVE DUTY TO REPORT PROMPTLY VIOLATIONS OF LAW OR FOUNDATION POLICIES. PERSONS REPORTING IN GOOD FAITH PURSUANT TO THE OMBUDS POLICY ARE PROTECTED FROM EMPLOYMENT RETALIATION. Form 990, Part VI, Line 19 Required documents available to the public THE FOUNDATION'S AUDITED FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE LOCATED ON THE FOUNDATION'S WEBSITE. AT THIS TIME, THE FOUNDATION'S CONFLICT OF INTEREST POLICY IS AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Pension Related Changes - Amounts Reflected as Other Changes in Net Assets - 2485048; Total - 2485048;